Kitchens
A kitchen remodel tends to have a high rate of return on investment. In most cases, it will almost pay for itself when you sell the home.
Even so, “Don’t think in terms of appreciating the value of your home,” You really should be doing a kitchen remodel for you.
According to the National Association of Realtors Cost vs. Value Report:
* The average “upscale kitchen” remodel cost $81,552 and had a payback of 84.8 percent.
* The average midrange “major kitchen” remodel cost $43,862 and had a payback of 91 percent.
* The average “minor kitchen” remodel cost $14,913 and had a payback of 98.5 percent.
You can’t do anything until you figure out how much you’re able or willing to spend. That means doing your homework — read magazines, visit showrooms, talk to friends and neighbors who recently remodeled. It takes a lot of time to do all this. But I can tell you, it’s worth the investment.
No matter how well you plan, expect the project to cost more and take longer than you think.
Embrace that, and don’t freak out. It doesn’t mean the kitchen contractor is trying to be underhanded. Things just come up as the project proceeds. So set aside a little extra money — 20 percent of the total cost is a reasonable amount — to cover the unexpected.